Friday, October 03, 2008
Puerto Rico Gains from U.S. Bailout Package
Included in the economic bailout package passed Friday by Congress was the renewal of a rum tax rebate to the U.S. Caribbean territories. Puerto Rico and the U.S. Virgin Islands utilize the money to pay for public services and infrastructure. The rebate returns "all but 25 cents of the $13.50 in federal excise taxes levied per proof gallon of rum produced in the islands." It lapsed at the end of 2007. The bailout package recently passed by Congress lengthens it through 2009. Read more here..
Subscribe to:
Post Comments (Atom)
1 comment:
Not that I am a rum drinker, but I still find this legislation to be humorous. This act further perpetuates the monopoly of Bacardi Rum in the rum market. Bacardi is located in Puerto Rico and enjoys the benefits of America's supply of cheap corn syrup and reduced expenses in the way of tariffs. Bacardi’s reduced production costs allow it to Wal-Mart out any newcomers from getting a foothold in the market because no one can sell as cheaply as Bacardi. Therefore, we are still stuck with bland, characterless rum in the US.
http://www.thenation.com/doc/20051205/secret_history_of_rum
Post a Comment